High-Profile Investment with Secure Lease to Major National Liquor Retail Group

380 High Street, Preston

A prime investment in the heart of one of Melbourne’s busiest shopping strips with a new long lease to a major liquor group has hit the market.

Fitzroys’ Chris Kombi and Ervin Niyaz, in conjunction with Robert Butera and David Butera of Mulcahy Butera, are marketing 380 High Street, Preston, home to Cellarbrations. The property goes to auction on Wednesday, 30 April at 1pm on-site.

Expectations are of around S2.5 million.

The property comprises a 170sqm building with a brand-new immaculately-presented fit-out, including retail space, cool room and storage, with a large 10.36m frontage to High Street. It is on a valuable inner-city landholding of 315sqm with parking for four cars, and potentially could accommodate more.

Cellarbrations, one of Australia’s largest retail liquor brands with over 700 stores across the country, has a new 10+5+5-year lease returning S130,000 per annum plus GST, with fixed 4% annual increases.

“Investors will be attracted to the property’s secure long-term lease to a major liquor retail group at a time of residential and share market volatility, and its ideal location in the heart of one of Melbourne’s busiest shopping strips and opposite the famous Preston Market,” Niyaz said.

Occupying a commanding position on the eastern side of High Street near the corner of Murray Road, the property is surrounded by a strong mix of national retailers, which includes Woolworths, Aldi, Chemist Warehouse, CBA, and ANZ, along with popular eateries.

“Preston’s trading catchment benefits from its established catchment and the Preston Market drawing patrons from around Melbourne; as well as ongoing residential development, government spending nearby – which has seen upgrades to Preston station – and excellent accessibility.”

The commercial hub is well serviced by public transport with bus services operating along High Street and the rejuvenated Preston train station only 280 metres to the west of the property, and is also supported by plentiful public parking and key road arterials, which include Bell Street, St Georges Road, and Plenty Road.

Kombi said, “The viability of Preston’s commercial precinct has been further underpinned by the development of several high-rise residential complexes in the area, which has led to rapid population growth and increased foot traffic to the shopping strip.”